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Paymode-X Payment Network for Banks

Provide clients with access to a secure, cloud-based payment network to help them quickly automate payments and transform their AP departments into profit centers.

Paymode-X with Visa Payables SolutionsPAYMODE-X WITH MASTERCARD IN CONTROL® FOR COMMERCIAL PAYMENTS

Anchor: Overview

The Challenge

Many banks are racing to keep up with the investments needed to be competitive in corporate cash management. Delivering new capabilities that resonate with Finance and Treasury executives is critical to gain market share. These executives are under constant pressure to streamline their accounts payable process, increase controls, and reduce costs. Often, legacy ERP systems, paper-intensive processes, and manual workarounds aren’t up to the challenge. They need innovative payment solutions to meet their needs for automation. Forward-thinking finance departments increasingly seek out innovative technologies such as payment networks to help them achieve their goals, finding alternatives to paper payments that drive revenue.

Our Solution

Through the Paymode-X payment network, banks can deliver meaningful efficiencies for their corporate customers and generate new sources of revenue at the same time. With Paymode-X, organizations of all sizes can electronically transact with one another to streamline making and receiving payments.

Payers use Paymode-X to make electronic payments, mitigate fraud risk, reduce paper and labor-intensive processes, and turn AP from a cost center into a profit center through Dividends on purchase volumes. Vendors enjoy an easy-to-use system that empowers them to streamline receivables and cash application. With Paymode-X, they can gain visibility to upcoming payments and receive detailed electronic remittance in a format of their choice.

Banks benefit from the existing partnerships between Paymode-X and both Visa and Mastercard to provide customers with a full, integrated payables solution. Paymode-X is able to provide complete payables outsourcing for all payment types with integrated supplier onboarding and campaign management, providing the highest adoption and revenue.

Deepen customer loyalty, grow revenue, and expand market share with Paymode-X.

Anchor: Resources

eBook

How Paymode-X Helped 3 Organizations Reduce Costs, Earn Rebates and Boost Efficiency

Assessment

Paymode-X Rebate and Cost Savings Estimator Tool

Video

Powering Payments for Business Customers

Anchor: Benefits

Benefits

  • Help corporate customers move from costly checks to electronic B2B payments
  • Ensure client satisfaction by leveraging leveraging Paymode-X's Intelligent Engagement Model® and proprietary Vendor onboarding services
  • Create new revenue stream with Paymode-X business model

Benefits for Payers:

  • Convert costly, fraud-prone paper checks to secure, electronic payments
  • Leverage the Paymode-X network and world-class Vendor onboarding services to enroll, support and maintain Vendors, reducing the burden on AP staff
  • Eliminate the risk of validating and storing Vendor bank account details
  • Provide Vendors with a choice of remittance formats and satisfy Vendor requests with Vendor support
  • Earn Dividends on more AP spend

Benefits for Vendors:

  • Receive fast, secure electronic payments instead of paper checks
  • Get detailed remittance in a variety of formats
  • Maintain bank account information within the secure Paymode-X portal and keep details hidden from Payer view
  • Electronically exchange key business documentation with clients including W-9s and insurance documents
  • Monitor, track, and report on payments and trading relationships
corporate customers
Anchor: Functionality
cloud based payment

Functionality

Paymode-X is a cloud-based payment network that delivers prompt, secure electronic payment information to more than 385,000 participating organizations, processing over $200 billion annually. Organizations often find that more than 40% of their targeted trading partners are already enrolled, which accelerates their move to automated payments. The Paymode-X Intelligent Engagement Model® further segments, enrolls and authenticates Vendors to migrate even more payments to electronic. Integrated Vendor onboarding and campaign management across all payment types facilitates the highest adoption and revenue.

An innovative and agnostic business payment solution, integrating with any ERP system(s) and leveraging existing bank relationships, Paymode-X creates a powerful network between Payers and Vendors – today and as business needs grow and change.

Anchor: Testimonial

Customer Testimonials

"We had been receiving ACH payments through Paymode-X and knew it to be valuable from a vendor’s perspective. This was a key factor that led us to choosing Paymode-X to convert our AP checks to electronic payments. Our vendor onboarding campaign is now underway, and is exactly what we wanted. We’re moving away from paper…It’s very exciting!"
Shelly Whiting, Director of Accounting, Compass Minerals
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